It will target frauds against the public purse such as money stolen from Covid support schemes.
In January, Chancellor Rishi Sunak admitted losing £5bn worth of coronavirus emergency bounceback loans, which were provided by banks but 100% guaranteed by the government. Treasury minister Lord Agnew resigned in response, accusing the Treasury of ‘schoolboy errors’. Following questions raised in Parliament, Sunak was forced to deny ‘writing off’ the money.
Nicola Finnerty, criminal litigation partner, Kingsley Napley, said: ‘There has been increasing criticism that not enough is being done about Covid-related loan and furlough fraud.
‘Whether this new taskforce will make a real difference though is questionable. We have heard similar commitments before and an investment of just £25m seems very light in terms of the scale of the problems.’
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